Victor Posner Sued by His Son Over Salary

Published: September 8, 1995

TOWSON, Md., Sept. 7—
The financier Victor Posner, who in 1993 was barred from being an officer or director of a public company, has been sued by his son.

Steven Posner contends that his father, who controls the Security Management Corporation, an owner of rental property in Maryland and Florida, is plundering the closely held company by paying himself "a ridiculously excessive" salary.

The suit, filed last month in a state court in Towson, Md., seeks $600 million in compensatory and punitive damages and accuses Victor Posner of jeopardizing his son's 25 percent stake in Security Management by misusing company assets. The elder Posner also wrongfully removed his son as a company director, the suit contends.

"I don't think there's much merit to the suit, and we intend to vigorously defend it," said Mark Dopkin, a lawyer for Victor Posner.